Boston Scientific: Market Leader In The Medical Market

There are numerous advantages that creative innovation conveys to the table with regards to healthcare. Diagnostics have

Innovations formed from advances in science and technology fuel economic growth. The influence of innovations in biomedical technology is often overlooked. Technological change in medicine

Like any other businesses these days, most healthcare systems face competition from other facilities around them. In order to be successful in this competition, the organization needs to improve itself every day. As Dye (2010, p. 27) mentioned, the role of the leadership is very important in the organizational changes and improvement since they are responsible for decision making and they create the mission and vision of the company.

Therefore, the firm takes the position of a star in the BCG Matrix. High returns and that attract high costs. The challenges facing the organization rotate within the brackets of consumer bargaining power, competition threats and threat of substitutes for products and services within the healthcare industry (Jeffs,

Bristol-Myers Squibb Company is the outcome of the merging of Bristol-Myers and Squibb Corporation in 1989. Bristol-Myers Squibb is one of the world’s largest pharmaceutical companies head quartered in New York. BMS has global research facilities and manufacturing plants mainly in the United States and Europe (Hoovers, 2015). The corporation has a unique set of strategic principles that help built the company. The company divested in the nutritional and pharmaceutical divisions. BMS expanded its strategies to become a biopharmaceutical leader. According to Hoovers (2015), the company engaged in the String-of- Pearls pharmaceutical strategy that added barriers to imitate biotech drugs and products within the company’s pipeline. This company demonstrates functional-level strategies that focuses on innovation and technology. BMS, the multi-business has undergone issues associated with ethics, research, marketing and quality manufacturing. Therefore, BMS strategies offers insight on the company struggles and operations.

6. What lessons can we draw from this case about the challenges of pursuing a cost leadership strategy?

This will allow them to better plan for fundraising. Next they would need to come up with successful fundraising plan, which will allow them to excel in spite of competitor’s. In order to recruit the most qualified health professional to run the new improved cardiovascular system the organization should include in their budget finances, which offers competitive pay. In order to gather data that would be useful for the strategic planning I would suggest the organization gather data in reference to the needs of the community; such as the types of diseases the community are suffering from the most. This will help when ensuring the cardiovascular have exactly what is need to improve care but not an excessive amount of new technology that is costly and will go unused. I would also suggest that the organization research to come up with the a precise estimate for the cost of the expansion. This will serve as a guide for fundraising as well as keeping the organization on track with the finances of the current hospital. Lastly I would collect data on the types of medical professional that is needed to run the organization; research the pay that is offered at other competitors in order to attract employees by offering better benefits.

During medical school I became very passionate about neurodegenerative diseases and as such, I have pursued a postdoctoral fellowship at Western. My experiences and knowledge have led me to not only find the pathophysiology of neurodegenerative diseases but to find new potential treatments; one of which is a potential patentable new medication. Both these experiences have taught me a lot in regards to the wide and complex field of medicine. I have learned the rigorous work it takes to do research as the business side of research. I believe innovations such as these, will open doors for healthcare providers to do their jobs effectively and efficiently, which improves the patient’s quality of life and

Today, governmental, corporate and individual customers increasingly are resisting insurers' attempts to pass on rising healthcare costs. Healthcare providers' costs meanwhile are escalating in the face of an aging population, expensive technologies and therapies... Both payers and providers must determine their true competencies and find ways to remain profitable despite leaner margins. In 1994, Massachusetts General Hospital (MGH), with its $1 billion budget and its dozens of thousands visits per year, is urged to find a new business model to resist cost pressure… In other words, how MGH could lower its costs while enhancing the quality of care provided?

This has led to greater education of the public about the risks versus the benefits of not receiving care with certain health conditions.  This has led to increase demand because more people go to doctors and clinics today than they did just 20-30 years ago.  This research along with trial and error has brought about the evolution of the tools and supplies.  There was more re-usable stuff in the old days versus today.  Many supplies and tools are designed by the best technology has to offer and come pre-sterilized and pre-packaged.  These tools and supplies are further design to be used and interchanged with certain machines and devices.  These tools, supplies, machines, and devices cost

As the CEO of PhyCor, there would be some steps to take to develop new strategies and a new business model. In order to compete with larger companies, I would suggest a meeting with CEOs of those companies and smaller companies as well. Find out what they feel the shortfalls of PPMs are and how we could come together and find a way to lower those shortfalls. Another step would be to focus on the financing aspect. PhyCor initially chose to go big fast. With Medicare reimbursement rates falling every year, I would suggest a one year, five year, and ten year plan. In this plan, there would be goals set forth. The goal would not only focus on the monetary aspect, but patient safety, patient satisfaction, employee work life and employee satisfaction

In the case of Tufts New England Medical Center (NEMC), there were major financial challenges impacting the facility. However, by 2005 the new CEO was able to create strategies that were able to transform their operating margins and ensure it was posting profits. The biggest challenges going forward are how they can maintain momentum in an increasingly competitive marketplace. This leads the question of: how can Tufts-NEMC adjust with changes in the markets and continue to remain at the forefront for innovation? (Kumar, 2007) ("Ellen Zane Leading Change," n.d.)

The leadership at CCHMC seemed to have some good ideas on improving their patient care; however, they appear to lack the overall process of strategical planning. I felt the creation of particular goals that the individuals were trying to attain didn’t have any objectives to follow the goals in which were set under what was described in the delivery of care area and the jobs of the QIC’s. I didn’t think there was a solidly established plan and what was developed was through the evidence base approach. Possible the overall transformation process was not in alignment due to trying to implement the process all at once instead as an incremental progression.

The company Boston Scientific founded in 1979 by John Abele and Pete Nicholas, with the hope of giving more available, cheaper and less invasive alternative to patients. They are one of the leading manufacturing company of medical supplies equipment used to examine and treat patient with different medical issues. In addition, Boston Scientific produces medical equipment used to treat cardiac rhythm management (CRM), cardiovascular, endoscopy, pain management, peripheral interventions, urology, and women’s health. The company is “dedicated to transforming lives through innovative medical solutions that improve the health of patients around the world.” The company has accomplished a lot, with more than 22 million people being treated each year.

Merck Research Laboratories and Pharmaceutical firms in the world. Scientist Dr. Campbell and Dr. Mohammad Aziz, have made great progress in developing a cure that will make a difference in disease called River Blindness. River Blindness is a disease known for being life-threatening to those who contract the disease. Its symptoms include severe itching throughout the body, skin disfigurations, and total if not permanent blindness. As chairman of Merck, it is my decision on whether to allow Dr. Campbell and Dr. Mohammad Aziz and their research team to continue or discontinue their research to find a cure for River Blindness. I must answer several question before arriving at my final decision. Questions such as: should as a company invest more time and money into developing ivermectin into a drug that is safe for humans knowing it will likely never be profitable, or should I put a stop to any further research knowing that it could negatively impact profits? I will need to gather facts about the disease, define what ethical issues our company are responsible for, look all those affected by the disease, what consequences will we suffer as a company, what our obligations as a company are, what does this decision same about our integrity as a company and me personally, and what potential actions or plans will need to be put in place. In making my decision, I will apply the Eight Steps to Sound Ethical Decision Making process to arrive at my final decision. This process will